About this Course
This course brings together two key subjects, International Marketing and Cross Industry Innovation. It will provide the basic foundations of international marketing and then explain how companies can grow by going abroad or sourcing ideas/expanding into other countries or industries. This is summarized as CCCI: Cross-Country and Cross-Industry Innovation, a term and analytical platform used throughout not only this course but others in the specialization. As an introductory course, we keep the concepts short and simple in order to ease learners into the wonderful world of international marketing. More specific operational aspects such as managing the product, price, place and promotion as well as targeting and positioning will be provided in the second course of the specialization.
After you successfully complete this course learners will obtain the following outcomes:
(1) an understanding of the core meaning of marketing and international marketing.
(2) learn that international marketing is about striking the right balance between maximizing the similarities across cultures (Etic approach) and customizing marketing (Emic approach) to important local differences.
(3) learn about how to source or expand into other industries at home or abroad via cross industry innovation.
(4) obtain a solid foundation for subsequent courses such as course 2 (International Marketing Entry and Execution) and the industry-specific courses in the specialization.

K

Slides during the lecture were helpful. Quiz after each test gave confidence and helped encouraged to go forward. Very helpful

À partir de la leçon

What is Marketing?

What is “Marketing”? In this first lesson you will learn the concept of Marketing and of the components involved in its effective execution. The most important concept and word that is introduced in Video 1.3 is "Noon Nopi" which originates from Korean and means "Eye Level." Marketing will be defined as companies' attempt to match their eye level to those of consumers. In Video 1.4, the 4 main executional tools of marketing, product, price, place and promotion are explained. In Video 1.5, we learn what culture means and how to compare cultures across countries along dimensions that are similar (Etic) and those that are fundamentally different (Emic). The lesson ends with an interview with the Vice President of Brand Management FD, Global Sales and Marketing Company at LG Electronics, Mr. Jeongseok Lee. He explains LG's international marketing strategy and challenges faced such as with innovations created in Nigeria, India and Indonesia.

Enseigné par

Dae Ryun Chang

Professor of Marketing

Transcription

Welcome to the segment, What is Marketing Execution? What is marketing execution? Well, it's another version of Noon Nopi. Whereas we learned about Noon Nopi from a conceptual standpoint, in this segment we will understand something very practical standpoint. And so execution also in Noon Nopi. It's how we reduce the gaps, whether it's at the domestic level or at the international level. Okay and we do it through these various weapons. I call them weapons. Because it's like having the four branches of the military, the Army, the Navy, the Air Force, and the Marines. In marketing, we too have these different branches and we call them, the 4 Ps, or the marketing mix. So I will explain using this company, Starbucks, how one company, but it doesn't have to be just Starbucks, but other coffee chains adjust the Noon Nopi to their various consumers. And again, this could be at the domestic level, or at the international level. So coffee houses, let's start with product. And there are many different ways in which a product can be varied. And it can be based on the type of coffee. It can be based on the ingredients. Here in Asia, especially in Southeast Asia, there is something called Kopi Luwak. It's a very unique kind of coffee, which is produced by collecting the droppings of these civet cats and they are very expensive. So it can be that extreme, but I think most other coffees are much less expensive and a little more mundane. So you have choice in terms of the kind of coffee that you made on demand. It could be varied in terms of the kind of personalization that you want, and that's why you have baristas manning these coffeemakers in coffee chains. And it could also be varied in terms of the additional kind of non-coffee items that a consumer may demand. And that could be very localized because even though coffee may be served everywhere in terms of the other menu items that too can be locally adapt. In terms of price, I showed you one particular size of product and so there's a high correlation between price and product, whether it's size or whether it's by the type of coffee that I mentioned, and it could be varied by the target segment that you're aiming at. And so I think a lot of people are surprised when they come to Asia and find that coffee in Asia may be more expensive than back home. And that again is because of the different targeting of the segment here in Asia and related to that is the much higher brand position. In terms of place, I think that's where a company like Starbucks has pioneered many different kinds of place strategy, whether it's having more stores, more central stores. Also, having a different kind of aesthetic on my different neighborhood and that's because of them trying to adhere to their third place upper-hand concept, where they want to create for this, not work, not home, but this place where you can escape to and relax, kind of store. So it demands that they try to, again, localize, to the neighborhood. And this is true not only in their home market, but also true in their foreign markets such as here in Asia, where they've had to again a vary, their aesthetics in terms of not only the interior, but also their external signage. And one more on coffee chains or experimenting with newer types of delivery assistance, such as a drive-in convenience being added. And also in terms of promotion, I think the message can vary by country. In some countries, it could be much more on the experience, whereas in other countries, it could be much more about the coffee. And that variation can also take place in terms of the kind of media that's used. And Starbucks, of course, prides itself as having not huge mass media. So that could be a strategy that works in some countries, but in other countries, other coffee houses may want to either use mass media or try to use viewer media or even social media, because having a presence there is becoming that much more important. Okay, so wrapping up, I think in this segment we learned that marketing execution is as important as the marketing concept, and they both have to adhere to the Noon Nopi principle and execution is much more about how we actually do it. And we do it through the 4 P's or the marketing mix. So there are many different kind of things that we can use to enable us to match that eye level or Noon Nopi. And even in the international marketing context that is what the 4 P's help us to do. To really become much more in tune with what the local market is demanding.